BATON ROUGE, LA (WAFB) - State Insurance Commissioner Jim Donelon made an announcement on Wednesday that Louisiana is on board with Mississippi's bid to block rising flood insurance rates.
The legal action addresses the rate hikes implemented under the 2012 Biggert-Waters Act. It affects thousands of policy holders in Louisiana; threatening to price many right out of owning their homes.
Donelon said, "We are the most dependent on that program of any of the 50 states, but it really affects the economy of the entire United States because they are so dependent on our seafood; on our energy production; on our chemical plants; on our ports, and all of those activities require folks to live in, what I refer to, as our working coast."
Louisiana joins Florida, Alabama, South Carolina, and Massachusetts in supporting Mississippi's lawsuit.